Okay kids, here is the report I promised on Money: Master the Game by Tony Robbins.
I bought this book because I have some money currently being managed by one of the big brokerage houses. My trusted money manager retired and I don’t know the new guy handling my account. I’m a writer/researcher, not at all savvy when it comes to managing investments. I decided I wanted to become savvy, so I was looking for a good resource. I was looking for more than just avenues for investment; I wanted to know the reasons why one should put money in one place vs. another.
One day while surfing the net, I stumbled on an interview with Robbins about his new book Money: Master the Game. It sounded like just what I needed so I bought it hoping it was. And boys and girls it was not only what I needed, I decided it was what you needed too. After all, shouldn’t a mom be interested in her kid’s prosperity? I believe she should.
What I liked about the book and why you should buy it.
- Money is written in plain language that anyone can understand.
- It was an interesting read.
- There was no super hype get-rich-quick BS.
- It gives you all the information you need to become a profitable investor (even if you have almost nothing to invest).
- Robbins passes on investment advice from some the most successful investors (think billionaires). Hey kids, why try and reinvent the wheel. Learn from the best.
- It has an extensive index for future reference.
- 100% of the profits from this book feed hungry people. I think that’s just plain cool, don’t you?
What I didn’t like about the book.
At over 600 pages, it was painfully long. Usually when I’m reading nonfiction, I go for short and succinct. You know, lots of bullet lists, charts etc. However, with Money I danced through each and every value loaded page.
The book begins by comparing the investment world to a jungle full of investments and investment advisors interested in making a profit at your expense. Only with knowledge and a good guide can you traverse the jungle safely regardless of what the economy is doing. I liked the idea of not losing my money if we have another 2008 correction. I lost about 20% of my money during that correction while many of my friends lost 50% – 60%. My money manager did a pretty good job, but had he done a really good job, I would have lost even less or maybe none at all.
The book is broken into 7 sections.
Section 1: Robbins compares the investment market to a jungle full of dangerous predatory animals. That’s why so many folks like you and me come up on the short end of the stick. I learned a lot in this section. You will too.
Section 2: When you enter a game, it’s a good idea to know the rules or you lose. Robbins does a good job of uncovering the most common investment myths that can rob us of the prosperity we deserve when we invest.
Section 3: What do your dreams really cost? This is a reality check and offers ideas as to ways you can increase your savings.
Section 4: Asset allocation or where to consider investing your money based on risk vs. growth. This will be different depending on your age and your tolerance for risk.
Section 5: For me, this was the most interesting section. The title was “Upside without the Downside, Create a Lifetime Income Plan.” Kids, tell me this, who wouldn’t be interested in this?
Section 6: This section covered the interviews with the ultra wealthy. He asks most of them this one question. “If you couldn’t pass on any money to your kids or grandkids, but you could pass on some principles, what would they be?” You have to understand that Robbins is not going to get the same answer from each person, but the answers they give can help guide you, particularly if you’re just starting out or have found yourself on the losing side of the money game.
Section 7: This section consists of some final thoughts and is motivational in nature a la Tony Robbins style.
Okay kids, that’s it. Now get your butts out there and buy the book. It’ll set you back $15 bucks or so and will be one of the best investments you can make in your future. The big take away from this book is that you can succeed in the investment marketplace, but not if you don’t do it right. Watch the enormous fees some mutual funds are actually charging. Invest over time. And finally win regardless of what the economy looks like (if the big money boys and girls can do it, so can you.)
